Milan and Rome: Upward trend on residential property prices

The property prices in Milan and Rome appear undaunted by Italy’s financial instability and current tensions in Europe. The total number of transactions on the Italian residential property market rose to 573,000 in 2018 (a 5.6 percent increase over the previous year). Market uncertainty and political volatility have had a negligible impact on the residential property sector. In 2019, Engel & Völkers forecasts a slight increase in transactions and expects Rome’s and Milan’s prices to remain stable.

Hamburg - In Milan, Engel & Völkers is brokering this exclusive apartment in the famous building Bosco Verticale. Spanning approx. 200 square metres in total, with three bedrooms and three bathrooms, it also boasts a terrace with views overlooking the city. (Photo credit: Engel & Völkers Milan)

Milan: High demand for luxury homes at top addresses

The highest priced neighbourhood in the Italian fashion capital is in the designer district of Quadrilatero, where prices per square metre for exclusive properties reached 17,000 euros last year. In the historic districts of Brera, San Babila and Castello-Foro Bonaparte too, prices of up to 15,000 euros per square metre were recorded. There was increasing interest from international investors in Milan. Clients from the UK tend to favour prime locations like Magenta/Brera. “For a property buyer in Milan, the key criteria are that a building has to be renovated, in good condition and in a prime location,” said Roberto Magaglio, Managing Partner of Engel & Völkers in Milan. Demand for new buildings is expected to be high in 2019.

Rome: Property prices remain stable

Interest in Rome’s historic city centre has come primarily from national as well as European and American buyers. In 2018, prices per square metre for renovated freehold apartments here reached as much as 12,000 euros. The districts of Prati-Balduina and Parioli, on the other hand, attracted particular interest from Italians, as well as international clients from Russia and the Arab countries. All buyers tended to seek out central locations, preferably with terraces and views on historic palazzi, and a garage or parking space. “Stable prices and an increase in transaction volume are forecasted for 2019,” said Helio Cordeiro Teixeira, Team Leader of the Engel & Völkers Market Center Rome.

Outlook on Milan’s and Rome’s property prices:

Despite European elections and uncertainty over Brexit, Engel & Völkers anticipates a slight increase in demand and stable prices for properties in both Milan and Rome. Interest from national and international buyers will remain high.

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